Classroom

Accounting Past Questions

Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

116 questions JAMB 1611 WAEC 1757 CUSTOM 2

Select subject

Download PHP app Ask a Question Check Syllabus Past Question Videos Topic Video Lessons

Take a test

Custom CBT

Create and set up a CBT environment with your preferred subjects.

JAMB CBT Simulator

Practice JAMB CBT with real UTME past questions in CBT format.

WAEC CBT Practice 2026 Simulator

CB-WASSCE styled past question practice.

NECO CBT Practice 2026 Simulator

SSCE & GCE styled past question practice.

Past Questions

116 questions

Question 1 of 20 116 total questions

Question 41

jamb 2019

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

AFIFO

BLIFO

CSAP

DWAP

View Explanation & Discuss

Question 42

jamb 2019

Accounting standards are issued at the International level by the

AStandards Advisory Council

BInternational Accounting Standards Board

CNigerian Accounting Standards Board

DStanding Interpretations Committee

View Explanation & Discuss

Question 43

jamb 2019

The importance of bank statement is all except

Averifies the accuracy of balances of cash book and cheque book

Bhelps to detect and rectify any error

Chelps to debit an account

Dhelps to update the cash book

View Explanation & Discuss

Question 44

jamb 2019

Given:

Additional capital
Capital
Closing capital
Net profit

₦
4000
8000
12000
1500

The drawings for the period stand at

A1500

B3000

C12,000

D10,500

View Explanation & Discuss

Question 45

jamb 2019

The two recognised accounting bases are

Acash and credit

Bpersonal and impersonal

CAccrual and Cash

DDrawings and Private

View Explanation & Discuss

Question 46

jamb 2019

Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

Arealisation concept

Bentity concept

Cgoing concern concept

Dmatching concept

View Explanation & Discuss

Question 47

jamb 2019

The net profit for departmental A is

A1880

B1600

C880

D425

View Explanation & Discuss

Question 48

jamb 2019

The cost of goods for department B is

A4,120

B3400

C3000

D2800

View Explanation & Discuss

Question 49

jamb 2019

Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

A20,580

B10,290

C7980

D30,870

View Explanation & Discuss

Question 50

jamb 2019

Goods can be charged to branches using any of these pricing methods except

Acost price

Bcost plus percentage

Cselling price

Dselling plus percentage

View Explanation & Discuss

Question 51

jamb 2019

Capital expenditure is

A₦345,000

B₦3,245,000

C₦421,000

D₦4,245,000

View Explanation & Discuss

Question 52

jamb 2019

Recurrent expenditure is

A₦345,000

B₦3,245,000

C₦421,000

D₦4,245,000

View Explanation & Discuss

Question 53

jamb 2019

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

A6000

B1000

C1500

D2500

View Explanation & Discuss

Question 54

jamb 2019

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

AEstimate

BDepreciation

CAsset

DUseful Life

View Explanation & Discuss

Question 55

jamb 2019

Use the following Information to answer this question.

Stock of finished goods: Jan 1st
Dec 31st
Stock of Raw materials: Jan 1st
Dec 31st
Purchase of Raw Materials
Manufacturing Wages
Depreciation: Factory equipment
Direct expenses
Factory Fuel
Carriage inwards on Raw Materials

₦
50,640
71,380
32,160
29,640
145,000
52,000
16,500
12,500
7,000
7,000

A220,480

B213,480

C200,480

D190,000

View Explanation & Discuss

Question 56

jamb 2019

Use the following Information to answer this question.

₦
50,640
71,380
32,160
29,640
145,000
52,000
16,500
12,500
7,000
7,000

Cost of raw materials consumed is

A₦53,000

B₦150,000

C₦152,120

D₦148,120

View Explanation & Discuss

Question 57

jamb 2019

Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts

AI only

BII and III

CI and III only

DIV only

View Explanation & Discuss

Question 58

jamb 2019

What is the opening cash balance

A₦20,600

B₦8,050

C₦3,650

D₦8,500

View Explanation & Discuss

Question 59

jamb 2019

The figure ₦1000 represent what in the balance sheet.

AAssets

BLiability

Ccapital

DSubscription

View Explanation & Discuss

Question 60

jamb 2019

Calculate the subscriptions in the Income and expenditure account

A8400

B7400

C6400

D7200

View Explanation & Discuss

Question Navigator

Current

Accounting Past Questions

Take a test

Custom CBT

JAMB CBT Simulator

WAEC CBT Practice 2026 Simulator

NECO CBT Practice 2026 Simulator

Past Questions

Question Navigator

MathsFaculty